May increase capital stock. Proviso. Legislature may repeal. limited for its continuance, except so far as the act and supplements are amended by this act. 2. And be it enacted, That the said corporation may, by resolution of its board of directors, from time to time and at any time hereafter, increase its capital stock to any amount not exceeding one million dollars; provided, that no such increase shall be made until at least two-thirds in interest of the stockholders shall consent in writing thereto. 3. And be it enacted, That this act shall take effect immediately; but it shall be lawful for the legislature of this state to alter, modify or repeal the same whenever the public good may require it. Approved February 1, 1872. reamble. May borrow money. CHAPTER IX. A Further Supplement to an act entitled "An act to revise and amend the charter of the city of Trenton," approved March fifteenth, one thousand eight hundred and sixtysix. WHEREAS, the common council of the city of Trenton find the finances of the city in an embarrassed condition, owing to accumulated bills against the city not presented at the beginning of the year, together with the deficiencies of former years, and sundry extraordinary expenses of the present year not anticipated at the time of making the annual assessment, therefore, 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That it shall be lawful for the common council of the city of Trenton to borrow on the credit of the said city, a sum not exceeding sixty thousand dollars, for the purpose of meeting the present deficiency in the finances of said city, and to such loan the limitation in the thirty first section of the act to which this is a supplement shall not apply. 2. And be it enacted, That to secure the payment of said bonds. loan the common council are hereby authorized to issue the May issue bonds of said city for the amount of said loan, bearing interest at the rate of seven per centum per annum, payable semiannually, and the principal of said bonds shall be paid within. ten years from the date thereof; provided, that such loan shall Proviso. be authorized by an ordinance of said cominon council, which ordinance shall provide the ways and means exclusive of loans, to pay the principal of said loan, and also the interest of such loan annually, which ordinance shall be irrepealable until such debt be paid; and provided, that such bonds shall Proviso. not be disposed of at less than their par value. 3. And be it enacted, That this act shall take effect immediately. Approved February 5, 1872. CHAPTER XI. A Supplement to "An Act to incorporate the Millville Insurance Company," approved February twenty first, eighteen hundred and seventy-one. 1. BE IT ENACTED by the Senate and General Assembly of May Increase the State of New Jersey, That the capital stock of the said capital stock. company may be increased to any sum not exceeding two hundred and fifty thousand dollars, to be divided into shares of one hundred dollars each. 2. And be it enacted, That the number of directors of said Directors. company may be increased to any number not exceeding thirty, whenever the board of directors shall by a resolution order such increase, and the directors who shall be ordered to be elected shall be elected for the remainder of the year by the old board of directors. elect directors 3. And be it enacted, That in case it should happen that an Failure to election of directors should not be made during the day when, not to dissolve pursuant to this act, it ought to be made, the said corporation shall not for that cause be deemed dissolved; but such election may be held at any other time, and the directors, for the time Repealer. being, shall continue to hold their office until new ones shall have been chosen in their places. 4. And be it enacted, That all acts and parts of acts inconsistent with the provisions of this act be, and they are hereby repealed, and that this act shall take effect immediately. Approved February 6, 1872. Trust es au thorized to estate. CHAPTER XII. An Act to authorize the Trustees of the Methodist Episcopal 1. BE IT ENACTED by the Senate and General Asssembly mortgage real of the State of New Jersey, That the trustees of the Methodist Episcopal Church at Woodbury, or their successors in office, be and hereby are authorized and empowered to mortgage all the real estate and appurtenances, situate in Woodbury, in the county of Gloucester, now held by them in trust as the property, or for the use and benefit of the society of the said Methodist Episcopal Church at Woodbury, and for that purpose to make, execute and deliver a good and sufficient deed or deeds of mortgage therefor, to the mortgagee or mortgagees of the same, and that all and every such deed or deeds of mortgage shall be good and effectual in law. 2. And be it enacted, That this act shall be deemed and taken to be a public act, and shall take effect immediately. Approved February 6, 1872. CHAPTER XIV. A Supplement to an act entitled "An Act to incorporate the name 1. BE IT ENACTED by the Senate and General Assembly of Corporate the State of New Jersey, That hereafter the name and style of the corporation created by the act to which this is a supplement, shall be "The Humboldt Insurance Company of Newark, New Jersey. capital stock. 2. And be it enacted, That it shall be lawful for said cor- May increase poration to increase its capital stock to five hundred thousand dollars, and to allow each shareholder one vote for every share of one hundred dollars standing in his name on the books of the company. number of di 3. And be it enacted, That said company may increase the May increase number of its directors to twenty-one, and that at the first rectors. meeting of the board of directors elected after such increase they shall divide themselves by lot into three classes of seven each, and the seats of the directors of the first class shall be vacated at the expiration of the first year, of the second class at the expiration of the second year, and of the third class at the expiration of the third year; and that, at the expiration of the first year, and annually thereafter, seven directors shall be chosen, who shall hold their office for the term of three years, and until their successors shall be elected; and if vacancies happen, by resignation or otherwise, the persons elected to fill such vacancies shall be elected for the unexpired terms only. 4. And be it enacted, That this act shall take effect imm>i ately. Approved February 6, 1872. 11 Authorized to mortgage lands and works. CHAPTER XV. A Further Supplement to the act entitled "An Act to incorporate the Passaic Water Company," approved February thirteenth, one thousand eight hundred and forty-nine. 1. BE IT ENACTED by the Senate and General Assembly of the State of New Jersey, That for the purpose of securing the bonds and indebtedness authorized to be made and incurred for any of the purposes mentioned in and authorized by the act entitled "A further supplement to the act entitled An Act to incorporate the Passaic Water Company,' approved February thirteenth, one thousand eight hundred and forty-nine, which said supplement was approved March thirty-first, one thousand eight hundred and seventy-one, it shall be lawful for the said company to pledge, by way of trust, mortgage or otherwise, the whole of the lands, property and works, engines, boilers, reservoirs, pipes and appendages of the said company, now owned and constructed, or which may be purchased and constructed, together with the privileges, franchises and chartered rights of the said company; and such pledge, hypothecation, trust, bonds and mortgage shall have the same validity and effect in all respects as any pledge, hypothecation, trust, bonds and mortgage contemplated and authorized by any of the supplements to said act. 2. And be it enacted, That this act shall take effect immediately. Approved February 7, 1872. |